October 23 – October 30, 2008 Edition

Booksellers Prompted
To Let ABA Help
In Tough Times

NEW YORK, NY (—The president of the American Booksellers Association last week sent a letter to its members saying that “it is essential to try to remain proactive rather than reactive” in the economically challenging holiday season. Avin mark Domnitz, chief executive officer of the ABA, urged members to “look at your business carefully, to first identify trends, and, then, to find ways to enhance those that are positive and to soften those that are negative.”

He added: “None of us has a crystal ball, and no one can predict exactly how the economic downturn will affect sales this fall. Now more than ever, it’s important to hearken back to business fundamentals. A basic business tenet — especially when credit is tight — is that ‘Cash is King.’ The key to being in control of your business is to be in control of cash. Think in terms of cash even more than profitability.”

Domnitz urged booksellers to control inventory and payroll costs. “In uncertain economic times, fundamentals of good business management apply more than ever. And to help provide the tools for determining trends and building a strategy on those trends, please look at the Budgeting and Monitoring Worksheets on”

He also encouraged members to call him, if needed and stressed that the ABA is “there to help.”

He said that with proactive planning and analysis, the bookseller can put himself or herself in the best possible position to maximize the potential for this holiday season.